Australia delays launch of three cryptocurrency ETFs

The launch of three new cryptocurrency exchange-traded funds (ETFs) in Australia has been fraught with problems. The procedure had to be postponed indefinitely. It was officially announced that the new products will appear on the market on April 27 this year, but the information changed the day before. Analysts assured that this state of affairs could undermine Australia’s status as a contender for the leading country in the development of the digital asset market.

The new financial instruments were expected to be launched on the Australian CBOE exchange. However, the launch had to be delayed due to unforeseen circumstances unrelated to the companies behind the creation of the ETF or the trading exchange itself.

Evan Metcalfe, head of products at Australia’s ETFS Management (AUS) Ltd or ETF Securities, said the launch had to be cancelled. This is due to the fact that a third-party cryptocurrency service provider is not fully prepared to support the procedure for starting an ETF on Bitcoin and Ethereum. The specialist assured that this problem should be resolved as soon as possible. As soon as something becomes known, Metcalfe will immediately notify the public about it.

Earlier it was reported that his company ETF Securities will launch spot ETFs on BTC and ETH, while another Australian firm Cosmos Asset Management decided to release its product.

Representatives of the organizations later issued a joint statement, in which he assured that the problems were not related to regulation, but were purely technical in nature. According to experts, this happened because crypto-ETFs are new to the Australian market and preparing for their launch was not as easy as initially thought.

An earlier edition of Crypto.ru informed that the Australian government has expressed a desire to make cryptocurrency assets a key element of the country’s domestic economic ecosystem.

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